Hess Offers Activist Two Board Seats to End Proxy Fight

By

Daniel Gilbert

Updated May 13, 2013 6:53 p.m. ET

Hess Corp. on Monday sought to end a bitter proxy fight with Elliott Management Corp., offering to appoint two directors nominated by the activist hedge fund if it withdraws its five nominees to the board.

Elliott swiftly rejected the offer. But the proposal was followed by a brief phone conversation between Chief Executive John Hess and Paul Singer, Elliott's founder, according to a person familiar with the call. It was the first...